Core Insights - BRT Apartments Corp. has successfully refinanced three maturing mortgages totaling $42.7 million, transitioning to new mortgage debt of approximately $71.9 million with a higher weighted average interest rate of 4.95% [2] Group 1: Refinancing Details - The refinanced mortgages had a weighted average interest rate of 4.36% and a remaining term to maturity of approximately nine years [2] - The company utilized $17.5 million from the refinancing proceeds to pay off the outstanding balance of its credit facility [2] Group 2: Strategic Positioning - Following the refinancing, the company is positioned to pursue future investment opportunities in its core Sunbelt markets, focusing on value-enhancing opportunities to drive long-term shareholder value [3] Group 3: Company Overview - BRT is a real estate investment trust that owns and operates multi-family properties, with interests in 31 properties comprising 8,311 units across 11 states, along with preferred equity investments in two additional properties [4]

Group 1 - BRT Apartments Corp. has experienced a decline of approximately 45% in its share value since August 2022, primarily due to anticipated higher refinancing rates and an oversupply in the Sun Belt markets [2] - The Insiders Forum, led by Chief Investment Strategist Bret Jensen, focuses on small and mid-cap stocks that insiders are purchasing, aiming to outperform the Russell 2000 benchmark over time [2] Group 2 - The Insiders Forum portfolio consists of 12-25 top stocks across various sectors that are attractively valued and have seen significant recent insider purchases [2]

Group 1 - BRT Apartments Corp. has experienced a decline of approximately 45% in its share value since August 2022, primarily due to anticipated higher refinancing rates and an oversupply in the Sun Belt markets [2] Group 2 - The Insiders Forum, led by Chief Investment Strategist Bret Jensen, focuses on small and mid-cap stocks that are attractively valued and have seen significant insider purchases [2]

Core Viewpoint - BRT Apartments Corp. has filed its quarterly report for Q3 2025, highlighting its operations and financial performance as a real estate investment trust focused on multi-family properties [1] Company Overview - BRT Apartments Corp. is a real estate investment trust that owns, operates, and holds interests in joint ventures related to multi-family properties [1] - As of November 6, 2025, the company owns or has interests in 31 multi-family properties comprising 8,311 units across 11 states [1] - The company also has preferred equity investments in two additional multi-family properties [1] Financial Reporting - The quarterly report on Form 10-Q for the quarter ended September 30, 2025, has been filed with the Securities and Exchange Commission [1] - Financial statements and supplemental information are available on the company's investor relations website under "Financials – Quarterly Results" [1]

Financial Performance - Reported net loss for Q3 2025 was $2.7 million or $0.14 per diluted share, compared to a net loss of $2.2 million or $0.12 in Q3 2024[12] - Funds from Operations (FFO) per diluted share was $0.28, down from $0.30 in Q3 2024[12] - Adjusted Funds from Operations (AFFO) per diluted share remained stable at $0.36 for both Q3 2025 and Q3 2024[12] - The company reported a net loss attributable to common stockholders of $2,707 million for the three months ended September 30, 2025, compared to a loss of $2,205 million in 2024, and a loss of $7,625 million for the nine months ended September 30, 2025, compared to $7,721 million in 2024[23] - Funds from operations (FFO) attributable to common stockholders for the three months ended September 30, 2025, were $5,215 million, down from $5,669 million in 2024, while FFO for the nine months ended September 30, 2025, increased to $16,379 million from $15,786 million in 2024[23] - The company reported a loss from continuing operations of $2,666 million for the three months ended September 30, 2025, compared to a loss of $2,477 million in 2024[21] - The company’s accumulated deficit increased to $89,306 million as of September 30, 2025, from $67,485 million as of December 31, 2024[27] - The company reported a GAAP net loss attributable to common stockholders of $(2,707) million, compared to $(2,205) million for the same period in 2024[77] - The net operating income (NOI) for the same period in 2025 was $12,689 million, a decrease from $12,990 million in 2024, representing a decline of approximately 2.3%[77] Revenue and Occupancy - Total revenues for the three months ended September 30, 2025, were $24,434 million, a slight increase from $24,396 million in the same period of 2024, while total revenues for the nine months ended September 30, 2025, rose to $72,737 million from $71,661 million in 2024[21] - The total operating revenues for the consolidated portfolio reached $24,031,000, with a net operating income (NOI) of $12,689,000, reflecting an occupancy rate of 94.7%[46] - The average occupancy rate for the properties was 94.5% in Q3 2025, compared to 94.4% in Q3 2024[14] - The consolidated portfolio had a total of 5,420 units with an average occupancy rate of 94.2% and an average rent per occupied unit of $1,366[49] - The unconsolidated properties had a total of 2,891 units, with an average occupancy rate of 94.1% and an average rent per occupied unit of $1,466[50] - The average occupancy rate across all properties improved slightly from 94.4% in 2024 to 94.7% in 2025[70] Expenses and Liabilities - Total combined operating expenses for the same period were $40,590,000, reflecting a 1.1% increase from $40,147,000 in 2024[54] - Total combined operating expenses for the third quarter of 2025 were $13,883,000, which is a 1.1% increase from $13,727,000 in 2024[52] - The payroll expenses for the nine months ended September 30, 2025, were $7,689,000, up 4.1% from $7,383,000 in 2024[54] - The real estate taxes for the same period increased by 2.5% to $10,818,000 from $10,551,000 in 2024[54] - Total liabilities increased to $527,512 million as of September 30, 2025, compared to $508,549 million as of December 31, 2024[27] Investments and Acquisitions - The company acquired two properties in Q3 2025 for a total of $59.5 million, funded through joint ventures and credit facilities[12] - The company invested $18,250 million in two joint ventures acquiring multifamily properties, with an annual return of 13% and a current return of 6% to 6.5%[28] - The company has $8,752,028 available for share repurchases under its current program as of October 31, 2025[32] - The company has acquired properties in Auburn, AL, and Savannah, GA, with a total purchase price of $59,500,000 and an 80% ownership stake in both[30] Future Projections - Revenues for 2025 are projected at $70,107 million, showing a slight decrease of 0.0% compared to 2024's $70,117 million[72] - Property Operating Expenses for 2025 are estimated at $32,649 million, an increase of 1.2% from $32,268 million in 2024[72] - Net Operating Income (NOI) for 2025 is expected to be $37,458 million, a decrease of 1.0% from $37,849 million in 2024[72] - The weighted average occupancy rate for 2025 is projected at 94.1%, a slight increase of 0.1% from 94.0% in 2024[72] - Estimated recurring capital expenditures for the year are projected at $1,550,000, while non-recurring capital expenditures are estimated at $981,000, leading to total capital expenditures of $2,531,000[37] Debt and Financing - As of October 31, 2025, the company had $17.5 million outstanding on its revolving credit facility of up to $40.0 million[12] - Debt to Enterprise Value ratio increased to 70% in Q3 2025 from 68% in Q3 2024[15] - The company has a debt service coverage ratio of 1.50 for the quarter ended September 30, 2025[43] - The total principal payments due at maturity amount to $594,528, with a weighted average interest rate of 4.11%[43] - The total debt service is used to calculate the debt service coverage ratio, indicating the company's ability to meet debt obligations[67]

Financial Performance - Total revenues for the three months ended September 30, 2025, were $24.434 million, a slight increase of 0.2% compared to $24.396 million in the same period of 2024 [116]. - Total revenues for the nine months ended September 30, 2025, increased by $1,076,000 (1.5%) to $72,737,000 compared to $71,661,000 in 2024, driven by a 0.2% increase in rental revenue and a 232.8% increase in loan interest and other income [128]. - For the three months ended September 30, 2025, FFO decreased to $5.215 million from $5.669 million in the same period of 2024, reflecting a decrease of approximately 8% [161]. - AFFO for the three months ended September 30, 2025, was $6.737 million, slightly down from $6.769 million in the prior year [161]. - For the nine months ended September 30, 2025, FFO increased to $16.379 million from $15.786 million in 2024, representing an increase of about 3.75% [161]. - AFFO for the nine months ended September 30, 2025, rose to $20.972 million compared to $19.771 million in the same period of 2024, marking an increase of approximately 6.1% [161]. - The company reported a GAAP net loss attributable to common stockholders of $(2,707,000) for the three months ended September 30, 2025, compared to $(2,205,000) in 2024 [171]. Expenses and Costs - The company incurred total expenses of $27.780 million for the three months ended September 30, 2025, reflecting a 2.0% increase from $27.242 million in the prior year [119]. - Interest expense rose to $5.882 million, an increase of 2.4% from $5.745 million in the same quarter of 2024 [119]. - Real estate operating expenses increased by 1.4% to $11.342 million, driven by higher real estate taxes, payroll, and utilities [119][120]. - Real estate operating expenses rose by $397,000 (1.2%) to $33,009,000, influenced by increased real estate taxes, utilities, repairs, and leasing expenses [131]. - Interest expense increased by $497,000 (3.0%) to $17,265,000, mainly due to additional financing costs related to the Woodlands Financing [134]. - The company’s general and administrative expenses increased to $3,937,000 for the three months ended September 30, 2025, compared to $3,811,000 in 2024, marking an increase of about 3.3% [171]. Property and Acquisitions - As of September 30, 2025, the company wholly owns 21 multi-family properties with a total of 5,420 units and a carrying value of $600.5 million [103]. - The company completed the acquisition of 1322 North, a 214-unit property for $36.5 million, with an 80% interest in the joint venture [104]. - A second acquisition, Oaks at Victory, a 150-unit property, was completed for $23 million, also with an 80% interest in the joint venture [105]. Liquidity and Financing - As of September 30, 2025, the company had available liquidity of approximately $37.1 million, including $14.6 million in cash and cash equivalents [140]. - The company anticipates needing to fund $196.3 million in balloon payments due through 2027, which may require issuing additional equity or disposing of properties if refinancing is not possible [141]. - At September 30, 2025, the company had mortgage debt of $737.6 million, with a weighted average interest rate of 4.12% for consolidated properties [143]. - The company anticipates refinancing $42.5 million in maturing mortgages with new debt of approximately $71.4 million, expecting an increase in interest expense of about $430,000 per quarter [110][111]. Economic Environment and Challenges - The company is facing challenges from an uncertain economic environment and oversupply of multi-family properties in several competitive markets [112]. - Equity in earnings of unconsolidated joint ventures decreased from $369,000 to a loss of $75,000, primarily due to $469,000 in amortization of lease intangibles from the Auburn Acquisition [123]. Operating Metrics - NOI is defined as "Rental and other revenue from real estate properties" less "Real estate operating expenses," providing a core measure of property performance [170]. - NOI is a non-GAAP measure and does not account for general and administrative expenses, interest expenses, or gains/losses as determined by GAAP [169]. - For the three months ended September 30, 2025, the Net Operating Income (NOI) decreased to $12,689,000, down from $12,990,000 in the same period of 2024, representing a decline of approximately 2.3% [171]. - For the nine months ended September 30, 2025, the NOI was $38,370,000, compared to $38,641,000 in 2024, reflecting a decrease of about 0.7% [171]. - The decrease in NOI for the three months was primarily due to a $155,000 increase in real estate operating expenses and a $146,000 decrease in rental revenue [171]. - The increase in real estate operating expenses for the nine months was $381,000 compared to the same period in 2024 [172]. Shareholder Returns - A quarterly cash dividend of $0.25 per share was paid on October 6, 2025, totaling approximately $4.7 million [151]. - The diluted shares outstanding for FFO and AFFO were 18,951,324 for the three months ended September 30, 2025, compared to 18,758,435 in the prior year [163].

Core Viewpoint - BRT Apartments Corp. has acquired Oaks at Victory, a 150-unit apartment complex in Savannah, Georgia, marking its first investment in the area [1][2][4] Acquisition Details - The property was purchased for $23.0 million, which includes a $15.7 million mortgage [3] - The mortgage has a maturity date in 2031 and an interest rate of 2.71%, with two years of interest-only payments remaining [3] - BRT borrowed $8.0 million from its credit facility to facilitate the acquisition [3] Financial Position - As of October 6, 2025, BRT has $17.5 million outstanding on its $40.0 million credit facility, which has a current interest rate of 6.63% [3] - The company plans to pay off the credit facility debt using proceeds from scheduled refinancings expected in December 2025 [3] Strategic Goals - The acquisition aligns with the company's strategy to invest in growing markets in the Southeast, aiming to enhance stockholder value through opportunities that drive AFFO and NAV per share growth [4] - BRT currently owns or has interests in 31 multi-family properties with a total of 8,311 units across 11 states [4]

Group 1: Dividend Announcement - BRT Apartments Corp. declared a quarterly dividend of $0.25 per share, payable on October 6, 2025, to stockholders of record as of September 24, 2025 [1] Group 2: Management Changes - Matthew Gibbons has been appointed as chief accounting officer effective immediately, while Isaac Kalish will become chief financial officer upon the retirement of the current CFO, George Zweier, expected in the first quarter of 2026 [2] - Both Gibbons and Kalish are certified public accountants, with Gibbons joining BRT in 2025 and Kalish in 2004 [2] Group 3: Company Overview - BRT is a real estate investment trust (REIT) that owns, operates, and holds interests in joint ventures for multi-family properties [3] - As of September 11, 2025, BRT owns or has interests in 30 multi-family properties comprising 8,161 units across 11 states, along with preferred equity investments in two multi-family properties [3]

Group 1 - The article discusses the author's journey into investing, starting in high school in 2011, focusing on REITs, preferred stocks, and high-yield bonds, indicating a long-standing interest in markets and the economy [1] - The author has recently adopted a strategy that combines long stock positions with covered calls and cash secured puts, emphasizing a fundamental long-term investment approach [1] - The author primarily covers REITs and financials on Seeking Alpha, with occasional articles on ETFs and other stocks influenced by macro trade ideas [1]

Core Viewpoint - BRT Apartments Corp. has filed its quarterly report for Q2 2025, highlighting its operations and financial performance as a real estate investment trust focused on multi-family properties [1] Group 1: Company Overview - BRT Apartments Corp. is a real estate investment trust (REIT) that owns, operates, and holds interests in joint ventures related to multi-family properties [1] - As of August 7, 2025, BRT owns or has interests in 30 multi-family properties comprising 8,161 units across 11 states [1] - The company also has preferred equity investments in two additional multi-family properties [1] Group 2: Financial Reporting - The quarterly report on Form 10-Q for the quarter ended June 30, 2025, has been filed with the Securities and Exchange Commission [1] - Financial statements and supplemental information are available on the company's investor relations website under "Financials – Quarterly Results" [1]